Traders Brace for Further Weakness in Bitcoin

Dow Jones04:31

1631 ET - Bitcoin is trading above $60k today, but some analysts are bracing for another possible downturn that could take bitcoin as low as into the $40k range - which if accurate would be the lowest bitcoin has traded at since early 2024, when bitcoin was on its way up to a then-record high of around $72,000, according to data from Coinglass. In a note, analysts with Bitfinex say that $53,400 is now the "key support level" to watch - and if that's breached, then bitcoin could briefly dive into $40k territory. That's because, in part, ETF money continues to flee bitcoin, says Bitfinex. "This move reflects a structural exodus in the spot markets," says the firm. Bitcoin is currently up 1.2% to $60,288, according to data from LSEG. (kirk.maltais@wsj.com)

(END) Dow Jones Newswires

June 29, 2026 16:31 ET (20:31 GMT)

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That's because, in part, ETF money continues to flee bitcoin, says Bitfinex. \"This move reflects a structural exodus in the spot markets,\" says the firm. Bitcoin is currently up 1.2% to $60,288, according to data from LSEG. 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In a note, analysts with Bitfinex say that $53,400 is now the \"key support level\" to watch - and if that's breached, then bitcoin could briefly dive into $40k territory. That's because, in part, ETF money continues to flee bitcoin, says Bitfinex. \"This move reflects a structural exodus in the spot markets,\" says the firm. Bitcoin is currently up 1.2% to $60,288, according to data from LSEG. 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In a note, analysts with Bitfinex say that $53,400 is now the \"key support level\" to watch - and if that's breached, then bitcoin could briefly dive into $40k territory. That's because, in part, ETF money continues to flee bitcoin, says Bitfinex. \"This move reflects a structural exodus in the spot markets,\" says the firm. Bitcoin is currently up 1.2% to $60,288, according to data from LSEG. 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